Gold prices slide in UAE

The US Fed said on Wednesday that inflation is likely to quicken this year.

The US Federal Reserve's decision to leave interest rates unchanged sparked a change in global markets, and gold prices slipped.

Shoppers in the UAE can make the most of this development if they are planning to purchase the precious metal. Retail gold rates in Dubai stood at Dh163 for 24 carat, Dh153 for 22 carat, Dh146 for 21 carat, and Dh125.25 for 18 carat.

Spot gold was down 0.4 per cent at $1,339.71 per ounce, as of 0831 GMT. Janet Yellen's final meeting as Fed chair saw policymakers at the US central bank signal they're on track to take rates up to 1.75 per cent at the March meeting.

The Fed said on Wednesday that inflation is likely to quicken this year, bolstering expectations borrowing costs will continue to climb.